Wilbur knew that Jason, his roommate, was an avid coin collector. He was irked a

Question

Wilbur knew that Jason, his roommate, was an avid coin collector. He was irked at Jason for not doing his shares of the chores around their apartment, and decided to play a practical joke on him. Wilbur said that his dad had given him a very rare coin – a 1943 copper penny. Such a coin could be worth up to $250,000, depending on its condition. Wilbur had found some pictures of such a coin on the internet, and showed them to Jason, claiming that his dad had taken the pictures. Wilbur said that he would sell it for $10,000. Jason jumped at the offer, and after a few minutes of discussion, agreed that he would pay Wilbur the following Monday, and would get the coin then. The following Monday, Wilbur explained that the entire story had been a joke, and that his father never had such a coin.

Jason sued for breach of contract.Was there a valid contract?

provide the information such as meeting the legal contracts of law

- valid contract

-consideration

-capacity

-intent

-formalities

- legal purpose

what contract type is it unilateral bilateral etc

Explanation / Answer

No, in this case there was no valid contract because nothing was formally documented by any of the parties and signed. If we considered that Wilbur actually had the coin, then this could have been a casual verbal deal. In order make this a contract the parties had to agree on the terms defined by both of them and after that they had to draft everything in a formal document and agree on them. There was nothing done formally and legally, hence this does not qualifies as a contract because Jason will not be able to produce any document or proof to establish that there was a communication regarding the same.

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